Bi ,U£/yn«-' 


n 


HOUSE 


. . No.  383. 


Commomocoltl)  of  JUasscuijusetts. 


House  of  Representatives,  April  12,  1887. 

The  Committee  on  Railroads,  to  whom  was  referred  the 
oetition  of  the  Boston  and  Maine  Railroad  for  authority  to 
purchase  the  road,  franchises  and  property  of  the  Eastern 
Railroad  Company  and  of  certain  other  railroad  companies, 
and  to  increase  its  capital  stock,  report  the  accompanying 


For  the  Committee, 

WILLIAM  F.  WHARTON. 
Mr.  Crosby  of  Pittsfield,  of  the  House,  dissents. 


33 


2 


BOSTON  & MAINE  RAILROAD. 


fApr. 


Commomoeoltl)  of  Jflassacljusetts. 


In  the  Year  One  Thousand  Eight  Hundred  and  Eighty-seven. 


AN  ACT 

To  authorize  the  Boston  and  Maine  Railroad  to  pur- 
chase the  Eastern  Railroad  and  certain  other 
Railroads  operated  by  it  and  the  Eastern  Railroad 
Company,  and  to  increase  its  Capital  Stock. 

Be  it  enacted  by  the  Senate  and  House  of  Representatives 
in  General  Court  assembled , and  by  the  authority  of  the 
same , as  follows: 

1 Section  1.  The  Boston  and  Maine  Railroad 

2 is  authorized  to  acquire  by  purchase  the  road, 

3 franchises  and  property  of  the  Eastern  Railroad 

4 Company,  and,  after  such  acquisition  and  pur- 

5 chase,  may  also  acquire  by  purchase  the  roads, 

6 franchises  and  properties  of  any  railroad  corpo- 

7 rations  whose  roads  are  operated  either  by  it  or 

8 by  said  Eastern  Railroad  Company  under  lease^. 

9 contract  or  through  ownership  of  stock,  to  wit: 

10  The  Danvers  Railroad  Company,  the  Dover  and 

11  Winnipiseogee  Railroad,  the  Ivennebunk  and  Ken- 

12  nebunkport  Railroad  Company,  the  Lowell  and 

13  Andover  Railroad  Company,  the  Kewburyport 

14  Railroad  Company,  the  West  Amesbury  Branch 


^Z3e  OBT&sjIqv  3^ 


1887.]  HOUSE  — No.  283.  3 

15  Railroad  Company,  the  Worcester,  Nashua  and 

16  Rochester  Railroad  Company,  the  Orchard  Beach 

17  Railroad  Company,  the  Chelsea  Beach  Railroad 

18  Company,  the  Eastern  Railroad  in  New  Hamp- 

19  shire,  the  Newburyport  City  Railroad  Company, 

20  the  Portsmouth  and  Dover  Railroad,  the  Ports- 

9 21  mouth,  Great  Falls  and  Conway  Railroad,  the 

22  Portland,  Saco  and  Portsmouth  Railroad  Com- 

23  pany,  the  Wolf  boro’  Railroad,  the  South  Reading 

21  Branch  Railroad  Company  and  the  Portland  and 

25  Rochester  Railroad.  The  purchases  herein  au- 

26  thorized  and  each  of  them  shall  be  made  on  such 

27  terms  and  conditions  as  may  be  agreed  to  by  the 

28  respective  boards  of  directors  of  the  purchasing 

29  and  selling  corporation,  and  as  shall  be  approved 

30  at  meetings  called  for  the  purpose  by  the  votes 

31  of  a majority  in  interest  of  the  stockholders  of 

32  the  purchasing  corporation,  and  of  the  stock- 

33  holders  other  than  said  Boston  and  Maine  Rail- 
31  road  of  the  selling  corporation.  For  the  purpose 

35  of  facilitating  and  effecting  the  purchases  of  the 

36  roads,  franchises  and  properties  of  the  corpora- 

37  tions  herein  authorized  to  be  purchased  or  any  of 

38  them,  the  said  Boston  and  Maine  Railroad  may 

39  purchase  the  stock  and  bonds  or  any  part  thereof 

10  of  any  of  said  corporations;  may,  for  the  pur- 

11  poses  aforesaid,  from  time  to  time  increase  its 

12  own  capital  stock  to  such  amount  as  may  be 

13  necessary  and  may  be  agreed  upon  by  itself  and 
11  the  selling  corporation  and  as  may  be  approved 

15  by  the  board  of  railroad  commissioners;  may 

16  make  such  portion  of  its  capital  stock,  as  already 


4 BOSTON  & MAINE  RAILROAD.  [Apr.’87. 

■ \ . 

47  existing  or  as  increased  under  the  authority  of  this 

48  act,  as  the  corporation  may  decide,  preferred  stock 

49  entitled  to  dividends  upon  such  terms  of  entire  or 

50  partial  preference  as  the  corporation  may  deter- 

51  mine,  may  exchange  its  stock,  bonds  or  notes  for 

52  the  stock,  bonds,  property,  rights  and  franchises 

53  and  in  payment  of  the  liabilities  of  any  of  said  pur- 

54  chased  corporations;  and  may  guaranty  the  pay- 

55  ment  of  the  bonds  of  any  of  said  corporations 

56  whose  roads,  properties  and  franchises  it  is  au- 

57  thorized  to  purchase,  whether  said  bonds  be 

58  already  issued  and  outstanding  or  be  thereafter 

59  issued  to  refund  existing  indebtedness.  After 

60  the  purchases  herein  authorized,  or  any  of  them, 

61  said  Boston  and  Maine  Railroad  shall  have  and 

62  enjoy  all  the  rights,  privileges,  franchises  and 

63  property  theretofore  had  and  enjoyed  by  the  cor- 

64  poration  whose  road,  franchises  and  property  it 

65  has  purchased,  and  shall  be  subject  to  all  its 

66  duties,  debts  and  liabilities. 

1 Sect.  2.  Whenever  any  of  the  purchases  au- 

2 thorized  by  this  act  shall  be  effected,  copies  of 

3 the  votes  of  the  respective  corporations  assenting 

4 to  the  same,  certified  by  the  clerks  of  said  respec- 

i 

5 tive  corporations,  shall  be  filed  in  the  office  of  the 

6 secretary  of  the  Commonwealth  and  also  with  the 

7 board  of  railroad  commissioners. 

i 

1 Sect.  3.  This  act  shall  take  effect  upon  its 

2 passage. 


